the study is very important but until some time .. at some point in your career as a poker player you will not need to study because you have studied before .. I doubt that the player needs to spend 5 hours a day studying for the rest of his life. I have seen some youtubes saying that they study 3 or 4 hours a day several times a week and personally I do not believe anything, I think what a player can do is review annotations or watch some video of strep to refresh some movements .. and I I would do it once a week at the most.
The experience is what gives you that criterion to make good decisions in different situations, there are too many situations that happen very rarely, you can spend a month and not see some situations of great difficulty, and many times you do not have a few seconds to take decision.
I think the experience is more important, because it is often better to know a certain player than to read a book .. if you are sure that a player is a bad player you can beat him in the short term .. but if you have no idea who is, he could win you at any time.